Norges Bank explores possibility of joining T2

6 February 2025

Norges Bank (the central bank of Norway) has decided to investigate the option of joining T2, the Eurosystem’s real-time gross settlement system. The ECB’s Market Infrastructure Board welcomes this decision and is ready to facilitate the process. The Board will continue to work with Norges Bank to assess the feasibility of enabling T2 payments in Norwegian kroner, subject to the decision of the ECB Governing Council. Read Norges Bank’s press release on their website.

On 29 November 2024 Norges Bank and the ECB signed an agreement for Norway to join TARGET Instant Payment Settlement (TIPS) to settle instant payments in Norwegian kroner.

T2 and TIPS are part of the TARGET Services operated by the Eurosystem. T2 is used to settle large-value payments, while TIPS is used to process retail payments in real time around the clock, every day of the year. Both services are designed to be multi-currency platforms. Today, TIPS enables instant payments to be settled in euro and Swedish kronor, and the Danish krone is soon to be integrated into the service.